A recent salary survey has identified the need for investment in local talent to support better outcomes for the country’s professionals and organisations. The 2018/19 Papua New Guinea Salary Survey Report by human resources consultancy Peopleconnexion PNG surveyed professionals across the country about salaries and attitudes at work.
Papua New Guinea requires about 6 per cent of its GDP to maintain its infrastructure assets, according to Craig Lawrence, Principal at Lytton Advisory. He told the Business Advantage Investment Conference in Brisbane that the ‘build and neglect’ approach is twice as expensive as ongoing maintenance.
A completely redeveloped Loloata Island Resort, just out of Port Moresby, is scheduled to open in February or March of 2019, according to Lew Nielsen, Director of the resort. The signature tourism project is a joint venture of Lamana Development and NASFUND.
New director at Steamships, changes at Air Niugini, Kumul Consolidated Holdings, PNG Post, PNG Power
LNG prices have jumped sharply and the cocoa price has been volatile. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
How do Papua New Guinea’s two largest super funds, Nambawan Super and NASFUND, make investment decisions on behalf of their members? Two senior executives provide their investment guidelines, which have led both funds to perform well in difficult economic conditions.
The Government’s Mid-year Economic and Fiscal Outlook (MYEFO) statement has indicated that it is in the ‘advanced stages’ of negotiating the country’s first sovereign bond later this year. The strategy is being adopted to solve the nation’s foreign exchange shortages, but it does carry risks.
Companies are reducing the size of the businesses, now using excess capital to acquire domestically but may be switching to starting up operations next year. They were some of the observations in a round table discussion on Papua New Guinea’s investment environment at the Business Advantage Invest Forum in Brisbane.
The co-founder of Port Moresby based software company Crysan, Crystal Krewe said a partnership with Google, the APEC Secretariats in PNG and Singapore, and the San Francisco-based Asia Foundation will aim to sell bilums on-line. Called the Digital Bilum Project, the aim will be to create an international presence.
PNG Power is aiming to cut tariffs by half and electrify 70 per cent of the country in the next five to 10 years according to Acting Managing Director Carolyn Blacklock. But to achieve those goals the organisation will require a new ‘business model’ she says.